Recognized for “excel[ling] in his representation of lenders and private equity fund sponsors, but also represents debtors with sound and steady leadership."Chambers USA 2019

Ted A. Dillman

Los Angeles
  • 355 South Grand Avenue, Suite 100
  • Los Angeles, CA 90071-1560
  • USA
 
 

Ted Austin Dillman is a partner in Latham & Watkins’ Restructuring & Special Situations Practice within the firm’s Finance Department. His practice focuses on representing debtors, creditors, and buyers in restructurings, as well as distressed M&A and special situations finance.

Mr. Dillman’s practice focuses on corporate restructuring, bankruptcy, distressed M&A, and workouts, as well as finance and corporate matters. He represents debtors, strategic buyers, financial investors, secured and unsecured creditors, and boards of directors. Mr. Dillman also advises investment funds in special situations financing transactions.

Mr. Dillman is a past president of the Financial Lawyers Conference and a member of its Board of Governors. He has authored numerous publications on intellectual property, M&A, and finance related issues. Mr. Dillman was a member of the American Bar Association subcommittee that published the Model Asset Purchase Agreement for Bankruptcy Sales, and is a co-author of the debtor-in-possession financing chapter of Reorganizing Failing Businesses, published by the American Bar Association.

Mr. Dillman is a member of the firm’s Ethics Committee and previously served in other management roles at the firm as a member of the Associates Committee and Training & Career Enhancement Committee. While in law school, Mr. Dillman was a founding member of the University of Southern California Law School Small Business Clinic.

Mr. Dillman has experience in large scale, cross-border restructurings in the United States, Canada, Asia, and Europe. He has advised clients in distressed situations across industries including technology, media and entertainment, industrials and manufacturing, real estate, automotive, and retail and consumer products.

Noteholder Groups and Creditors
  • Simon Property Group, the largest shopping center REIT in the United States, in connection with the Sears chapter 11 cases
  • GoldenTree Asset Management, as the largest holder and in connection with the restructuring of bonds issued by the Puerto Rico Industrial Development Company (PRIDCO) (US$165 million)
  • Ad hoc group of secured noteholders and debtor-in-possession lenders led by DDJ Capital Management in the Real Industry, Inc. bankruptcy cases, including the acquisition by the noteholders of substantially all of the company’s assets (US$450 million)
  • DDJ Capital Management as prepetition secured and unsecured noteholder, debtor-in-possession lender, and plan sponsor in the Optima Specialty Steel, Inc. chapter 11 cases (US$300 million)
  • Official Committee of Unsecured Creditors in the Energy XXI, Ltd. chapter 11 cases (US$5 billion)
  • Ad hoc group of unsecured noteholders led by Oaktree Capital Management in the successful acquisition of Rural/Metro Corporation pursuant to a plan of reorganization through conversion of approximately US$300 million of unsecured notes and approximately US$135 million rights offering (US$500 million)
  • Eduardo Saverin as prepetition and postpetition secured lender and stalking horse bidder in connection with the sale of substantially all of the assets of Jumio Inc. (US$25 million), which was named Restructuring Community Impact Deal of the Year by M&A Advisor (2016)
  • A secured print and advertising lender in the bankruptcy of Relativity Fashion LLC (US$85 million)
  • A financial investor providing bridge financing to a private company (US$25 million)
  • The agent of the secured lender syndicate in connection with the restructuring of a loan to a major equipment maintenance company servicing US ports (US$100 million)
Distressed Mergers & Acquisitions
  • A major Hollywood studio as a potential bidder for the assets of a major production company in its section 363 bankruptcy sale (US$325 million)
  • A strategic buyer in its acquisition of substantially all of the assets of a leading cosmetics company through a UCC Art. 9 foreclosure sale
  • Mattel, Inc. in its successful acquisition of substantially all of the assets of Fuhu, Inc. and its affiliates through a 363 sale of US$25 million
  • Toshiba Corporation in its approximately US$35 million acquisition of OCZ Technology through a section 363 bankruptcy sale, including providing approximately US$23.5 million of debtor in possession financing
  • Prana Studios in its approximately US$20 million acquisition of Rhythm and Hues, Inc., a visual effects studio, out of bankruptcy, including assumption and documentation of studio indebtedness, which was named 363 Sale of the Year (Between US$10 million and US$50 million) by M&A Advisor (2014)
  • The Yucaipa Companies in its participation in the US$490 million post-emergence debt and equity capital commitment to The Great Atlantic & Pacific Tea Company through a plan of reorganization
Debtor Representations and Out-of-Court Company Restructuring
  • Allen Systems Group, Inc. in its successful reorganization through chapter 11, including a US$130 million equity rights offering, US$240 million exit financing, and conversion of over US$300 million of second lien bonds to equity (US$650 million), which was named Turnaround of the Year: Mid-Size Company by the Turnaround Management Association (2016)
  • A technology and accessories consumer products business in connection with its out-of-court restructuring and recapitalization (US$150 million)
  • Freedom Communications in its successful reorganization through chapter 11, including extensive critical/trade creditor program (US$770 million)
  • Traffic Control and Safety Corporation in its section 363 bankruptcy sale of all assets (US$50 million)
  • An auto manufacturer in connection with its out-of-court wind-down (US$350 million)
Real Estate Workouts
  • The secured lender in the bankruptcy of Centurion Properties III, LLC involving complex leasehold interests (US$65 million)
  • The secured lender to the San Jose Holiday Inn in negotiations with the hotel’s equity holders and obtaining relief from stay (US$25 million)
  • The secured lender to the Los Angeles Marriott Hotel in obtaining relief from the automatic stay to foreclose on the property (US$97 million)
  • The secured lender to the Metropolitan project (Los Angeles) in the bankruptcy of the project’s real estate developer and subsequent discounted payoff transaction (US$25 million)
  • The secured lender in connection with obtaining deeds in lieu of foreclosure secured by multiple golf course properties in California and Arizona (US$25 million)
 
 
 
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